October, 2021

• 24 October

  UK’s new foreign secretary says country must not become too reliant on China

  

  Bloomberg Liz Truss warned of the importance of not becoming overly reliant upon China, in an indication of her priorities as the UK’s new foreign secretary. The UK intends to “build a network of liberty” with nations with similar values of democracy and free markets, while also keeping strong economic links with the superpower, Truss told the Telegraph in an ...

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• 24 October

  South Africa’s ANC unlikely to win Johannesburg majority

  

  Bloomberg South Africa’s ruling African National Congress (ANC) is unlikely to win a majority in Johannesburg, the nation’s largest city, or the capital Pretoria in forthcoming municipal elections, a News24 poll showed. The ANC’s support in Johannesburg could fall to 41% if half of eligible voters turn out for the November 1 elections, News24 reported, citing the poll it commissioned. ...

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• 24 October

  Sunak says he’s ‘tired enough’ without job as UK’s PM

  

  Bloomberg UK Chancellor of the Exchequer Rishi Sunak dismissed questions about whether he wants to become PM, saying that he is “tired enough anyway.” The chancellor made the comments in an interview with The Times newspaper on Saturday, in which he also discussed the risks of rising interest rates and the need to rein in public spending ahead of his ...

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• 24 October

  US posts $2.77trn budget gap, second-biggest ever

  

  Bloomberg The US posted the second-largest annual budget deficit on record for 2021 as pandemic-relief spending sustained the federal government’s massive borrowing needs. The deficit for the fiscal year through September was $2.77 trillion, compared with the $3.1 trillion peak seen in the previous year, a Treasury Department report shows. Treasury Secretary Janet Yellen and acting White House budget director ...

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• 24 October

  S&P raises Italy’s outlook to ‘positive’ on reforms

  

  Bloomberg Italy’s credit rating outlook was raised to positive from stable by S&P Global Ratings, which said the progress in implementing reforms will boost economic growth, benefiting fiscal consolidation. S&P affirmed the BBB rating on Italy, which is two notches above junk. The country’s prospects are looking brighter as increasing rates of vaccination have allowed it to avoid renewed lockdowns. ...

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• 23 October

  Google cuts fee it takes from app subscriptions in half

  Bloomberg Alphabet Inc’s Google is slashing the fees it takes from subscription services on its app store following pressure from developers and lawmakers. Beginning January 1, the Google Play Store will charge third-party subscription apps a 15% commission, the company said. Previously, subscription apps were charged 30% for first year, then 15% thereafter. Google also charged 15% for first $1 ...

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• 23 October

  UK inflation wagers hit highest since before BOE independence

  

  Bloomberg The cost of hedging against inflation in the UK over the next decade rises to the highest level in 25 years as investors brace for price pressures in the economy to persist. The so-called 10-year breakeven rate climbed as much as 11 basis points to 4.25%, the highest since 1996. That predates the Bank of England’s independence in 1997, ...

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• 23 October

  Canadian retail sales drop in September

  Bloomberg Retailers in Canada reported fewer sales in September amid supply chain bottlenecks and a reopening of the economy that allowed consumers to spend more on services. Receipts likely fall 1.9%, a preliminary estimate by Statistics Canada indicated, after a gain of 2.1% in August — slightly ahead of a 2% consensus estimate in a Bloomberg survey of economists. The ...

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• 23 October

  France 2022 deficit widens due to extra energy spending

  

  Bloomberg France’s 2022 budget deficit will be wider than forecast only a month ago after President Emmanuel Macron’s government announced plans to contain energy prices, hand out checks to more than half the population, and make high-risk investments in future industrial sectors. With just six months to go until elections, Prime Minister Jean Castex said that around 38 million people ...

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• 23 October

  Snap warning feeds concerns over social media ad splurge

  

  Bloomberg A warning from Snap Inc is rattling technology investors who have got used to turbocharged growth in ad spending on social media. Executives from the maker of Snapchat said that supply-chain bottlenecks are prompting companies to hold back on online ad spend for the upcoming holiday season, meaning sales will rise by only around 30% in the fourth quarter ...

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